USDCAD Forming Either Bullish Cypher or Bat or Both
For now my plan is to take profits from my shorts (from old bearish cypher -- blue) at the completion of the Cypher pattern (yellow -- thanks to @Alexander_Nikitin for sharing it!) and look to long the completion of the bat pattern. This is the TP2 for the bearish Cypher (blue), the .618 retracement of the whole bullish move from 02/16 and the completion point of the Bat. So pretty nice confluences. Let me know what you think!
Trade ist aktiv:
I covered my shorts and entered first 1/3 of my planned longs in this area.
I hope for the opportunity to add the other 2/3 of planned position at completion of bat.
I covered my shorts and entered first 1/3 of my planned longs in this area.
I hope for the opportunity to add the other 2/3 of planned position at completion of bat.
Ah! Just realized that the bat is actually not exactly valid according to the rules I follow as the BC leg does not reach the .382 of AB (it misses by half a percent!)
I will still take the long trade due to the Cypher which is valid, but just wanted to note this regarding the bat. Cheers!